In the four years since founding Quip, Taylor had raised $45 million. The app allows users to create and edit documents online with a real-time commenting system.

Salesforce Ventures, the company's invesment arm, had already poured money into Quip during a prior round of funding, and a Salesforce filing noting that " the Company expects to issue shares of Company common stock in exchange for all of the outstanding shares of Quip capital stock with an aggregate value of approximately $582 million not including consideration attributable to Salesforce Ventures' existing investment in Quip, subject to customary purchase price adjustment."